The game-changing RPA technology is one of the most exciting and existing developments in Business Process Management (BPM). RPA started from the buzzwords to best practice where RPA will become an integral part of any organizational business processes. RPA can be established in your organization that includes comprehensive governance, risk and control practices. RPA can efficiently play a vital role in Internal Audit, where RPA can be applied to suitable repetitive tasks which are mundane and manually intensive. RPA can be applied to the below where the impact will be colossal
Data Gathering and cleansing for analytics
The process of collecting data and making it suitable for performing analytics can be done without any manual intervention. This includes,
RPA can be applied to classify the annual risk assessment process. Where Bots are used to collect feedback from participants up-front and assess the risks accordingly.
Bots can be implemented to gather standard evidence for controls and processes data populations accurately than humans. RPA can be applied to analyze thousands of statement documents for large populations that requires heavy resources to process.
Automation of controls
Bots can be implemented to run control testing for control areas that are standardized.
RPA can assist in the following areas
Benefits of RPA in Internal Audit
Auditing an RPA environment is different from traditional audits. Auditors must up-skill themselves to audit such complex environments. The audit approach will move towards testing more preventive controls and will see more of exceptions-based testing rather than transaction-based audits.